From Dave Lutz of Stifel, Nicolaus, here’s a real quick look all the stuff traders are chatting about today.
Morning! Futures have had a seasaw ride this AM – They were hit after Russia reported the launch of several missiles in the Med, but subsequent denials from Syria and Israel have them rebounding. US futures up nearly 1% right now, fuelled by multiple deals: NOK Selling Handset Biz to MSFT for $US7.2B, VZ paying VOD $US130B for VZ Wireless, and Jarden buying Yankee Candle for $US1.7B. EU markets are off small — but trading in heavy volume (mostly deal stocks), with the DAX 20% above recent trends. In Asia, a mixed picture — as the Nikkei surged 3% in heavy trading as the Yen is nearing Y100 again. Shanghai gained over 1% as Economic data in China coming in stronger than anticipated. That said, India was whacked for over 3% as the Rupee is getting whacked. Globally, the Miners are flying on China Economic Data and Aussie’s hawkish tone in their Interest Rate announcement. Focus will be on Gold Miners Starting to Strike in South Africa
The US 10YY is higher this AM, resting above 2.82% near last week’s peaks — The DXY is moderately stronger, gaining against the Yen and € – causing a slight headwind to Commodities. That said, China has Silver leaping over 3%, and Copper adding 1.5% despite reports of heavy stocks globally. Brent Oil has a bid to it as Syria saga continues, and Libya Output continues to dwindle as Saudi pumps at a record pace.
We have a heavy slate of data this week, including the BOE, ECB and Bank of Canada announcements — Multiple Fed speakers and the Beige Book — Global PMIs — The G20 kicking off in Russia — and the Employment reports in the USA. All this while Volumes could be thin headed into the Jewish high Holiday of Rosh Hashanah Thursday